This is an update of a post here on April 21, 2009: "AIG Trust Agreement, Feds and Trustees: Who Do They Work For?"
It is rumored that the three Trustees of AIG, appointees of the New York Fed and ostensibly servants of the Federal Taxpayers, testified before the U.S. House of Representatives Committee on Oversight and Reform on or about Wed., May 13, 2009. However, trying to locate any substantive news about their actual testimony has not yet resulted in much. It is as though their testimony was either unimportant in the eyes of newspaper and other media reporters, or perhaps the very important testimony anticipated from the Three Trustees was not easily understandable. I intend to keep trying to locate and digest whatever it is these three people actually said.
In the meantime: The experience base of Trustee Jill Considine has become clearer through this report by Mark Pittman, James Sterngold and Hugh Son, "AIG Trustees Should Answer to Taxpayers, Not Fed, Towns Says" (Bloomberg.com, Wed., May 12, 2009). Ms. Considine is described in the linked report as "lead director of Ambac Financial Group, Inc., the New York-based bond insurer whose shares have dropped 98 percent from a 2007 peak."
See also www.insuranceclaimsbadfaith.typepad.com, Categories: "Fiduciary Duty, Market Performance".
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